It's before my time so I have to ask the Question. How did John King end up with so many "non-voting" shares and why are they non-voting?
It was a vehicle for a tax write off when Maunders was persuaded to donate his voting shares (76.1%) to the new board in 1995. His accountant offset 117K of losses against his tax return!
The shares have no value at all. They now just provide a simpler way of creating new shares for the club in order that any new investment goes to the club rather than shareholders who sell their own,... but these are useless until shareholders approve their conversion to voting shares, thus the need for an EGM.
I will be voting yes,... however my only concern is at present it would be very difficult (indeed probably impossible) for a new investor to obtain a controlling stake, whereas once converted we would rely only on the board to approve the "sale" of the club to someone, who may not, it might turn out have good long term intentions.
On balance, my view is that the fan owned community model, albeit laudable, appears not capable in the current football world of keeping us at the top end of the pyramid.
So, I would welcome external investment, however I would want to be absolutely CERTAIN that if someone came in who wanted 51% of the club, that he could be trusted with OUR CLUB.
Fortunately, as we dont own the ground, it would be most unlikely that an asset stripper would want to be involved, so someone like the new owner of Barrow would be good,... dont hold yopur breath